Politics
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Supreme Court clears manager, queries Rs 2.7 crore bank surplus
Hindustan Times··14 Sept
The Supreme Court acquitted Indian Bank Anna Nagar branch manager V Balakrishnan in a 35-year-old loan case and summoned the bank to explain excess auction money. It noted auctions raised Rs 1.175 crore and Rs 2.42 crore against dues of Rs 16.42 lakh and Rs 5.35 lakh. The bench set October 5 to trace surplus funds to heirs.
Prism
What It Means For You
- Legal heirs of borrowers may receive excess auction proceeds if the October 5 hearing confirms amounts still on deposit.
- Branch officials must submit reports on how loan accounts were satisfied and titles handled.
- CBI had sought conviction over 1991 loans allegedly tied to inflated valuations and a conspirator.
What's Happening
- Justices JB Pardiwala and K Vinod Chandran said prosecution evidence was fabricated and failed.
- Trials began with a 2016 CBI court conviction after more than two decades of investigation.
- The high court had upheld that conviction before the apex court reversal.
Loan auction surplus rules
- Officials said regional office approvals sanctioned the loans, not the branch manager alone.
- The court impleaded the current Anna Nagar branch manager for a status report.
- A third auction fetched Rs 34.5 lakh, also appropriated to a loan account.
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